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Minesto Minesto awards new foundation supplier

September 5, 2017

Minesto has awarded Jones Bros Ruthin (Civil Engineering) Co Ltd the contract to construct the foundation for Minesto's first commercial-scale tidal energy power plant. Due to the delivery time for the new foundation, the first installation in Holyhead Deep will be moved forward.

"We are well positioned to meet time frames and deliverables towards our public funding partners, to demonstrate the unique advantages of the Deep Green technology and develop this required source of renewable energy", said Martin Edlund, CEO of Minesto.

Minesto has completed the procurement of a new foundation construction supplier, following the announcement by the previous contractor in July that it could no longer fulfil its commitments to the project. The new contract has been awarded to the Welsh outfit Jones Bros Ruthin (Civil Engineering) Co Ltd, a civil engineering contractor with more than 60 years of experience in engineering solutions, not least in renewable energy. The foundation will be manufactured in an environment adapted for scaled up production.

At the same time, the global consulting firm Arup has been assigned the task of completing and verifying the design of the foundation.

The foundation design remains valid, providing great advantages in terms of functionality, logistics and economy. However, given the delivery time for the new foundation, Minesto has to move the installation of its unique tidal energy technology in Holyhead Deep to 2018.

"We are well positioned to meet time frames and deliverables towards our public funding partners, to demonstrate the unique advantages of the Deep Green technology and develop this required source of renewable energy. This situation allows us to prepare and perform the upcoming installation with even greater efficiency and precision", said Martin Edlund, CEO of Minesto.

Minesto is a marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling commercial power production from low-velocity tidal and ocean currents.

Minesto's award winning and patented product, Deep Green, is the only verified marine power plant that operates cost efficiently in areas with low-velocity currents.

In May 2015, Minesto secured a 13m investment from the European Regional Development Fund through the Welsh European Funding Office, for the commercial rollout of Deep Green.

Minesto was founded in 2007 and has offices in Gothenburg, Sweden, Holyhead, Wales and Portaferry, Northern Ireland. The major shareholders in Minesto are BGA Invest and Midroc New Technology. The Minesto share (MINEST) is traded on the Nasdaq First North Stockholm stock exchange, with G&W Fondkommission as Certified Adviser.

The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 08:45 CEST on 15 August, 2017.